Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has called on the Federal Government to provide Nigerians with full details of the $5 billion loan facility secured from First Abu Dhabi Bank.
Atiku, in a statement issued on Sunday, expressed concern over the country’s rising debt profile, warning that continued borrowing without adequate transparency and measurable economic returns could leave future generations with an unsustainable debt burden.
The former vice president criticised the administration of President Bola Ahmed Tinubu over what he described as a lack of transparency surrounding recent borrowing arrangements, particularly the Abu Dhabi facility.
According to Atiku, Nigerians have a right to know how loans obtained in their name are being utilised and the specific projects or obligations the funds are intended to finance.
He also questioned the government’s justification for the loan, following comments by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, that the facility was approved by the National Assembly and would be used to refinance more expensive debt.
Atiku argued that such explanations were insufficient, insisting that the government should disclose details of the transaction and demonstrate how it would benefit Nigerians.
“The government is obliged to explain every loan taken on behalf of Nigerians. Every Kobo borrowed matters because citizens — both living and unborn — will bear the burden of repayment,” he said.
He further expressed concern over the country’s overall debt accumulation since President Tinubu assumed office in May 2023, claiming that the administration had added significantly to Nigeria’s debt stock.
Atiku maintained that the increase in borrowing had not translated into corresponding improvements in the living standards of Nigerians, citing rising poverty, insecurity and economic hardship.
He also raised questions about the collateral arrangements for the Abu Dhabi facility, alleging that the Federal Government is required to pledge securities worth about 133 per cent of the loan value.
According to him, the alleged requirement makes transparency and accountability in the management of the facility even more important.
Atiku also cited concerns reportedly raised by international financial institutions and credit-rating agencies over Nigeria’s financing arrangements and debt sustainability.
He urged Nigerians to demand greater accountability from the Federal Government, stressing that borrowing should be tied to clearly defined economic objectives and measurable outcomes.
The former vice president warned that continued accumulation of debt without corresponding improvements in economic productivity and citizens’ welfare could undermine Nigeria’s financial stability and impose a heavier burden on future generations.
He therefore called on the Tinubu administration to provide comprehensive information on the $5 billion facility, including its terms, intended use, repayment obligations and expected economic benefits.
